TechFlow reports, on July 17, citing The Block, Bernstein stated that before the compliant compute futures planned by CME Group and Intercontinental Exchange are approved, AI compute derivatives adopting crypto market mechanisms have already gone live. Currently, Architect's offshore trading platform AX has launched GPU perpetual futures, while Kalshi has listed GPU rental price event contracts regulated by the U.S. Commodity Futures Trading Commission.
The report pointed out that compute perpetual contracts anchor to the spot index through a funding rate mechanism, a structure originating from the crypto market, which can be used to hedge cloud compute supply and demand fluctuations. However, the relevant market is currently still in an early stage with limited liquidity, and compute trading mainly relies on OTC negotiation, so the construction of a representative price index remains key to development.
